Assessment of my Credit Report

pulla0

Hi,

I have been monitoring my Credit Report for sometime now, the last one I got back in Oct 2012 was up to 957.. (heading in the right direction..)

Anyway I was wondering if anyone new of a service which can assess my report with regard to the chances of getting a mortgage? I want to avoid actually applying for a mortgage and adding 'another' credit assessment..

I don't mind if the assessment comes out at 'no chance... don't even bother', I'd just like to get a feel for 'where I am' financially..

thanks

GMS

More to a mortgage application than the credit score. A broker would most likely take a look at your credit report and advise you of how it looks.

Are there any issues showing such as missed payments, defaults, CCJ's etc?

pulla0

Hi GMS,

yes there are entries on it for CCJs and Defaults, but most are at least a few years old now and absolutely everything is settled/satisfied.

As I mentioned, I'm interested if there is a way of having an assessment of it, without actually have an official credit check undertaken.. sort of like a pre-credit check, but someone who knows what they are looking at vs what the current lending market will tolerate..

kingstreet

Visible court judgments and defaults will be a problem for many lenders, particularly at high loans to value. Even if satisfied, while they are still on your record they will see many lenders decline to lend at anything over 75-80%.

Put the credit file in front of a broker and refrain from having any searches done, as you suggest these are probably pointless now and will only harm your position.

GMS

What is showing? When were the defaults/CCJ's and for how much?

How much are you looking to borrow? How much deposit do you have?
Income(s)?

pulla0

What is showing? When were the defaults/CCJ's and for how much?

How much are you looking to borrow? How much deposit do you have?
Income(s)?

Hi GMS,

thank you for your interest.. I'll try and keep it brief..

2 CCJs, 11k satisfied in 2009, 3.5k satisfied in 05/2010
Defaults as follows
5k settled in 2012 (default from 2007, but fell through the cracks..)
3k settled in 2010
10k settled in 2007
1.5k settled in 2006

currently earn @45k, got a deposit of 25k, could maybe stretch to 30.. decent-ish properties around here are about £150k..

would you think there is any chance of getting a mortgage at anything like a decent rate?

Thrugelmir

With a record on file like that be difficult to see you meeting mainstream lenders criteria for some time.

Dave_Ham

Hi there,

Subject to good recent bank account conduct, this could be achievable. 15% deposit is the benchmark required to get through this type of mortgage at rates under 5%.

Likely to need a broker..

Good luck

pulla0

Just one final question, is it normal practise to roll in to a Broker with a recent credit report and then they'll either say 'no chance' or go ahead and find providers willing to go forward?

I want to try and avoid heading down the path, getting a little way along and then finding barriers being put up, and it costing me money for the privilege!

That said, I don't mind paying for a broker service if I can get the desired result!

Dave_Ham

Check with the broker. They will supply you with a Key Facts Illustration (KFI) and this will detail any fees, when payable and if refundable.

I would suggest you do not pay any application fees that are not refundable, like many of our Estate Agent advisor friends...